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I was told by someone that it is best to buy straddle near earning release dates, but can I check, do anyone out here know of a good place where such information are all displayed?

Secondly for straddle, experts out there, can you teach me step by step on how to open a straddle?

Thanks a bunch

Every study I have seen suggests that selling a straddle outperforms buying a straddle by a long shot. So I would ask that person to back that statement up with some sort of data....show me 100 earnings plays in liquid products where straddles were profitable at least 36% of the time and the overall P/L. Think about it. You are buying premium when Implied Volatility is at its highest. After the announcement the volatility will do one thing....contract (get cheap). So to be profitable not only will you need a movement beyond the expected move you will need it to move even more to make the risk worthwhile.

But if you prefer a defined risk trade you might consider buying a wide butterfly with ATM short strikes where the long strikes are at the expected move. Or sell an iron condor where the short strikes are at or beyond the expected move and make the strikes wide enough to make the trade worthwhile.

A straddle is simply the buying or selling of corresponding at the money calls and puts. The price you pay or credit you receive will usually be very close to the expected move of the underlying for that expiration.

But be warned...buying premium when volatility is high is expensive. (bad)
And buying a butterfly when Volatility is high makes a cheaper butterfly. (good)
And selling an Iron Condor when volatility is high allows for more credit and/or further Out of The Money short strikes. (good)

There are tons of youtube videos that show you what those strategies are and how to put them on.